Time to be cautious with longs in NIFTY
NIFTY is bearish on the longer time frame until Nifty closes above 17455. Better to wait for a Daily closing above 17500 before initiating fresh longs. NIFTY is getting major contribution from RELIANCE which saw a BO and has moved up by more than 5% in a week.
Positional shorts can be initiated for now with SL above 17455. Always keep it simple.
Nifty would need the support from BANKNIFTY to move past this stiff resistance which is comparatively much weaker. Also Crude Oil not relenting much is a major concern for NIFTY.
Disclaimer-This is not an investment/trading advice, kindly do your own due diligence before trading/investing.
Positional shorts can be initiated for now with SL above 17455. Always keep it simple.
Nifty would need the support from BANKNIFTY to move past this stiff resistance which is comparatively much weaker. Also Crude Oil not relenting much is a major concern for NIFTY.
Disclaimer-This is not an investment/trading advice, kindly do your own due diligence before trading/investing.
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